Wenzhou banks face tepid loan demand, paper says

About 24 billion yuan (US$3.93 billion), or 30 percent of loans promised by banks in Wenzhou, Zhejiang province, remains untapped, suggesting insufficient demand, Securities Times reported Monday, citing Chen Yixin, secretary of the municipal party committee. The loans are part of a credit line worth 80 billion yuan. About 5,000 new firms are expected to benefit from the loan program. Meanwhile, precautions are needed amid continued growth in banks’ non-performing loan ratios, Chen was quoted as saying.

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